Worth reading
57In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-52.4
% (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationFirst quarter of the fiscal year ending November 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,199 million-1.3%
Operating profit¥54 million-52.4%
Ordinary income¥58 million-50.8%
Net income¥35 million-55.1%
Operating profit margin4.5 %
Selling, general and administrative expensesRent and utilities 182, commissions paid 121, other SG&A expenses 496full fiscal year ending November 2025
Results for the three months of the current quarter
Net Sales
¥1,199 million
Operating profit
¥54 million
Ordinary income
¥58 million
Net income for the current fiscal year
¥35 million
Full-year earnings forecast
Net Sales
¥4,700 million
Operating profit
¥200 million
Ordinary income
¥210 million
Net income for the current fiscal year
¥140 million
Operating profit margin
4.3 %
Ordinary income margin
4.5 %
Net profit margin
3 %
Research business revenue
¥4,350 million
HR Tech business revenue
¥200 million
Data analytics business revenue
¥150 million
EPS
¥121.04
Annual Dividend
¥78
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales25.5 %
Operating profit27 %
Ordinary income27.6 %
Net income for the current fiscal year25 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
First-quarter results for the HR Tech business were in line with the initial plan. The company believes the full-year operating profit target can be recovered from the second quarter onward.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Increase in standalone revenue¥1 million
Operating profit
Increase in outsourcing expenses¥-35 million
Increase in personnel expenses¥-26 million
Increase in other expenses¥-6 million
Profit of consolidated subsidiaries¥6 million
New initiatives
- Recruitment and workforce expansion through investment in human capital
- Launch of the data analytics business and establishment of a dedicated sales structure
- Acquisition of shares in 株式会社リーン・ニシカタ and PMI
- Strengthening the sales structure for overseas research
- Continued consideration of M&A and alliance opportunities
Key KPIsA metric the company considers important as a management benchmark.
- Revenue from research companiesYear on year against the same period last year+114.1%
- Revenue from beverages and consumer packaged goodsYear on year against the same period last year+127.4%
- Revenue from information and communicationsYear on year against the same period last year+51.2%
- Revenue from automobiles and related productsYear on year against the same period last year+15.7%
- Contribution margin64.5 %
- Equity ratio61.7 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of client companies placing orders
First quarter of fiscal year ending November 2026718 companies
Average order value
First quarter of fiscal year ending November 2026¥577 thousand
Segment results
Standalone Research business
Net Sales
¥1,140 million+0.1%
MR business
Net Sales
¥1,092 million-0.6%
HR technology
Net Sales
¥48 million+18.1%
Global Research
Net Sales
¥109 million-78.1%
Financial targets
ROE target20 %
Actual ROE12.7 %
Results unit%
Number of employees
295 people
End of periodFirst quarter of fiscal year ending November 2026
Annual Dividend
Annual¥78
Interim¥38
End of period¥40
Payout ratio
64.4 %
Guideline for total payout ratioAt least 30%
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending November 2026 |
| Net Sales | ¥1,199 million (YoY -1.3%) |
| Operating profit | ¥54 million (YoY -52.4%) |
| Ordinary income | ¥58 million (YoY -50.8%) |
| Net income | ¥35 million (YoY -55.1%) |
| Operating profit margin | 4.5 % |
| Selling, general and administrative expenses | Rent and utilities 182, commissions paid 121, other SG&A expenses 496 |
| Results for the three months of the current quarter | Net Sales ¥1,199 million / Operating profit ¥54 million / Ordinary income ¥58 million / Net income for the current fiscal year ¥35 million |
| Full-year earnings forecast | Net Sales ¥4,700 million / Operating profit ¥200 million / Ordinary income ¥210 million / Net income for the current fiscal year ¥140 million / Operating profit margin 4.3 % / Ordinary income margin 4.5 % / Net profit margin 3 % / Research business revenue ¥4,350 million / HR Tech business revenue ¥200 million / Data analytics business revenue ¥150 million / EPS ¥121.04 / Annual Dividend ¥78 |
| Progress against full-year forecast | Net Sales 25.5 % / Operating profit 27 % / Ordinary income 27.6 % / Net income for the current fiscal year 25 % |
| Self-assessment against the plan | First-quarter results for the HR Tech business were in line with the initial plan. The company believes the full-year operating profit target can be recovered from the second quarter onward. |
| Segment results | Standalone Research business Net Sales ¥1,140 million (YoY +0.1%) / MR business Net Sales ¥1,092 million (YoY -0.6%) / HR technology Net Sales ¥48 million (YoY +18.1%) / Global Research Net Sales ¥109 million (YoY -78.1%) |
| Breakdown of Factors Affecting the Change | Net Sales Increase in standalone revenue ¥1 million / Operating profit Increase in outsourcing expenses ¥-35 million / Increase in personnel expenses ¥-26 million / Increase in other expenses ¥-6 million / Profit of consolidated subsidiaries ¥6 million |
| Key KPIs | Indicator name Revenue from research companies / Value Not disclosed / Year on year against the same period last year 114.1 114.1% year on year, up ¥38 million year on year, Indicator name Revenue from beverages and consumer packaged goods / Value Not disclosed / Year on year against the same period last year 127.4 127.4% year on year, up ¥26 million year on year, Indicator name Revenue from information and communications / Value Not disclosed / Year on year against the same period last year 51.2 51.2% year on year, down ¥36 million year on year, Indicator name Revenue from automobiles and related products / Value Not disclosed / Year on year against the same period last year 15.7 15.7% year on year, down ¥28 million year on year, Indicator name Contribution margin / Value 64.5 % / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 61.7 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Number of client companies placing orders First quarter of fiscal year ending November 2026 718 companies / Average order value First quarter of fiscal year ending November 2026 ¥577 thousand |
| Number of employees | 295 people |
| Financial targets | ROE target 20 % / Actual ROE 12.7 % / Results unit % |
| Annual Dividend | Annual ¥78 / Interim ¥38 / End of period ¥40 |
| Payout ratio | 64.4 % |
| New initiatives | Recruitment and workforce expansion through investment in human capital, Launch of the data analytics business and establishment of a dedicated sales structure, Acquisition of shares in 株式会社リーン・ニシカタ and PMI, Strengthening the sales structure for overseas research, Continued consideration of M&A and alliance opportunities |
Items this document does not state (10)
Gross Profit MarginNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company cited the time required to review its sales structure, a higher outsourcing ratio, and increased personnel costs resulting from hiring and salary increases as the reasons for the decline in revenue and profit. Overseas research activities were delayed because priority was given to reviewing the domestic sales structure, resulting in lower revenue.
How to read this page
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